Move Your Assets: Custodied and Non-Custodied Accounts

Custodied and non-custodied accounts can be moved between one another using the Solflare wallet

On Thursday, Solana-based wallet Solflare unveiled a new integration with exchange and that would make portfolio management for the Solana network's users easier. As explained by Solflare, it would allow users to manage their FTX funds directly from their web extension and later via the mobile wallet, thus eliminating the need to transfer between one's custodial and non-custodial balances. Of course, as usual, when linking an exchange account with SolFlare, FTX's know-your-customer rules will apply.

Solflare's wallet will not be affected by Solana's network congestion, as it will use FTX tokens instead of Solana. The wallet supports nonfungible token withdrawal, deposits, and visualization.

For users of decentralized finance, or DeFi, the integration would improve Solflare's ability to conduct coordinated airdrops and other yield incentives. As Filip Dragoslavic, co-founder of Solflare, said:

"FTX is probably one of the most popular centralized exchanges for DeFi users, especially on Solana. Integrating the two connects both worlds where you can command your FTX account without leaving Solflare. Confirming your wallet address is one unique human registered on FTX might enable new regulatory-compliant Web 3.0 opportunities."

Solflare is a community-created wallet that was built especially for Solana. The wallet allows users to send and receive native SOL tokens as well as sending and receiving SPL tokens, the ERC-20 equivalent of Solana's native token. It supports staking of SOL tokens, advanced NFT interactions, DeFi protocol usage, dApp notifications, and Ledger hardware wallet support.